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Please point me in the right place

Hello, my name is Michelle and I am 26 years of age and I am looking to start a smoothie business with a resturant feel. I only have $2, 500 dollars invested towards my dream. I was thinking and reading articles on the internet that I can get a grant or a loan for a small business star-up. what should I do first? I have already started my business plan and I will have completed by the end of next week. I will have a close friend who has his own business will look over it for me.

phanio | Contributor |
9/29/2010 - 9:19 am

It really depends on how much you need and what those funds will be used for.
Some lenders only lend certain amounts like $25K or $35K - while others go up to $5 million.
Also, some lenders will only lend for the purchase of real estate or equipment - while others will only lend against financial assets like accounts receivables, purchase orders or credit card sales. And still other may also lend unsecured.
How much you are seeking and what those funds will be used for would determine where to go and who to contact.
Lastly, forget about grants - they just don't work that way - if they did everyone in this country would be in business for themselves.

JimD | Former Moderator |
9/1/2010 - 4:59 am

klassy,
Congratulations on trying to start your dream business. Financing is a large part of starting a business. One great place to start is 10 Steps to Starting a Business.
You will probably not qualify for grants since grants are usually geared to established business and specific goals or programs.
However, you may qualify for a small business loan. Take a look at the Loans section of Business.gov.
Another good option for starting a company is called bootstrapping. This is when you use your own money to financing a business. Read about bootstrapping and some other methods in our Ultimate Guide to Financing.
That is great that you have a friend that is willing to help. Having another set of eye looking at your idea is a great practice.
JimD